LIC
28/08/2014 13:38
GENERAL
REL: 1338 HRS Livestock Improvement Corporation Limited (NS)
GENERAL: LIC: LIC changes its constitution
LIC changes its constitution
LIC has received confirmation from the Minister for Primary Industries,
granting consent for the following changes in the co-op's constitution:
a. Remove the requirement to retain the Dairy Core Database
b. Amend provisions on:
i. who may hold shares
ii. maximum voting rights
iii. postal voting
The updated constitution is attached, and has been filed with the Companies
office today.
These changes allow the Dairy Core Database to be transferred to DairyNZ
later this year.
The consent follows confirmation from the Ministry for Primary Industries of
its intention to remove legislative requirements on LIC (6 August 2014), as a
result of consultation with the dairy industry. It also follows an LIC
shareholder vote in 2012, in favour of the restrictions being removed.
In accordance with sections 51 and 52 of the Dairy Industry Restructuring Act
2001, LIC is still required to seek Minister consent to demutualise or make
changes to who may hold shares, maximum voting rights and postal voting until
the Dairy Industry Restructuring Act is amended; a review of the Act is
scheduled for 2015.
ENDS
Contacts
Media: Ashleigh Sattler, Senior Communications Advisor 027 617 1942,
[email protected]
Investors: Gillian Brennan, Company Secretary, 027 295 5215,
[email protected]
End CA:00254540 For:LIC Type:GENERAL Time:2014-08-28 13:38:45
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